Using office space management software to maximize leasing efficiencies is helping to keep the CRE industry alive post-COVID. While the pandemic slowed down business, the activity for commercial office properties has picked up.
If you’re an asset manager, broker, or property manager, utilizing space management tools can help you solve the long-standing challenges faced in commercial leasing. Looking ahead, if you don’t use a space management process for your commercial office you could:
- Fail to manage your data
- Continue to use a manual tracking system
- Quickly fall out-of-date with your information
- Easily diminish your organization process
Office space management software just might be the solution you need to keep from falling behind with your commercial real estate management.
The Challenge: Failing to Maximize Value Due to Inaccurate Space Data
The Solution: Ensure Your Data Isn’t Working Against You
When renewal time comes around or you’re looking to sign a new tenant, the last thing you want to deal with is old or outdated data. Before you even get to this point, use it as an opportunity for remeasurement. Commercial real estate technology can help you with exactly that. Using technology for field measurement services will guarantee your RSF data is timely and accurate.
At the same time, commercial building technology can also make sure your measurement data is digitized for easier access. Office space management software should guarantee that your measurements are always aligned with current BOMA and REBNY standards.
Using the right space management tool can increase your rentable square footage by 3%-5%. Taking proactive steps to incorporate a comprehensive space management program can help you recognize how your current tech might be working against you.
The Challenge: Manual Tracking of Expiring Leases
The Solution: Use Office Space Management Software to Automate Your Current Process
Nowadays there is no reason for you to still be using spreadsheets to manage your leasing data. There is too much room for human error – including missed opportunities. Property owners and teams can utilize an automated system to do all the work for them.
Commercial real estate technology will not only provide simple insight into tenant contracts but will help with RSF and leasing options as well. Looking to track upcoming renewals? Office space management software can generate interactive stack diagrams for you. If you use an accounting system like Yardi or MRI, a tech solution can simply auto-sync and integrate your leasing data.
Don’t leave any stone left unturned by relying on humans to manually track your expiring leases. Trust a technological solution to do the back-end work for you.
The Challenge: Waiting for Architects to Retrieve Up-to-Date Floor Plans
The Solution: Centralize Data for Easy, Anytime Access
Have you spent hours tracking down accurate plans for every lease you have? You shouldn’t have to worry about this anymore. Focus on your process and cut out the lag time by implementing a floor plan management solution. In fact, you can save up on $30,000 a year if you stop relying on architects to retrieve floor plans for you.
Commercial building technology does not only have the potential to save you this exorbitant amount of money per year but can solve many other headaches including centralizing all your current floor plans. Now you have easy access to your files at any time.
Want to go above and beyond? Tech can help to enrich your floor plans by providing additional data regarding your tenants and even leasing trends. A comprehensive tech solution provides ways for you to visualize scenarios before they happen using digital annotations. High-tech solutions for commercial office real estate are innovating the way you think of space management.
The Challenge: Scrambling to Find Important Leasing Materials
The Solution: Create a Digital Hub to Empower Your Team
Don’t file your important documents away for them to never be found again. Marketing materials and critical space data should not be hidden away. You need to use a space management process to be a real player in the CRE industry. When time is money, use your time as wisely as you can. And that does not include searching in filing cabinets for documents.
Space management tools are there for you to engage with your digital stack and plans. Feel empowered without needing to be a CAD expert. Create your own space management hub by using office space management software to encourage collaboration amongst teams – property managers, brokers, and architects. And if you’re still looking for a reason to use tech for your space management at your commercial office, then consider that the right tech can quickly generate custom leasing and marketing collateral to share with prospects.
Your Space Management Process & Where to Go from Here
It’s difficult to know where to start. And it might seem daunting to make the transition to tech for your space management process. The first step is recognizing the gaps in your current office space management software. Whether you’re an established CRE company looking to expand your tech portfolio or a new company just starting out, a robust space management program will only contribute to your success.
Interested in learning more? Check out our latest infographic, 4 CRE Leasing Bottlenecks (and How Space Management Tech Can Help).
